As electronic media accounts for a larger and larger portion of the book business, consumers are benefiting from lower prices for books, and manufacturers are enjoying massive sales. But how is the e-book revolution affecting authors? It's opening new opportunities -- but no guarantees.

This holiday season's must-have gift is the electronic reader, and Amazon's (AMZN) optimism remains on high after reporting that Kindle sales in November were the "best" ever. But is the e-reader's time really now? Or will consumers make a choice that they'll bitterly regret in 12 months?